Adviser on Finance Dr. Abdul Hafeez Shaikh has directed to issue sales tax refund bonds to the claimants through Central Depository Company (CDC). He was speaking at a ceremony held at Ministry of Finance in Islamabad on Friday (May 31).
The bonds amounting to seven billion rupees are being issued in the first tranche. This issuance shall benefit 90 claimants. The Adviser said that FBR is planning another issuance next month. He advised the claimants to exercise their option for issuance of bonds and provide their CDC accounts to FBR so that they can be accommodated in the next issuance.
The government decided to issue sales tax refund bonds to the claimants in order to facilitate businesses, particularly exporters, and resolve the problem of long outstanding refunds. Last year, the government unveiled a plan to launch negotiable security bonds worth Rs100 billion to settle the backlog of stuck sales tax refunds of more than Rs200 billion that created liquidity crunch for industries.
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14 September, 2019